Kuala Lumpur, 5 September 2016 – Eversendai Corporation Berhad (“Eversendai”), is a leading global organisation that undertakes turnkey contracts; delivering highly complex projects with innovative construction methodology for steel structures, power and petrochemical plants as well as composite and reinforced concrete building structures in the Middle East, India and South East Asia.
Eversendai has, over the past 28 years, completed more than 300 projects in Malaysia, Dubai, Abu Dhabi, Qatar, Saudi Arabia, Oman, Azerbaijan, India, Hong Kong, Philippines, Indonesia, Thailand, Singapore and India. Eversendai has successfully completed some of the world’s iconic landmark structures, including the Burj Khalifa and Burj Al Arab in Dubai; Tanjung bin Power Plant, Petronas Tower 2 in Malaysia; Kingdom Centre and CMA Tower in Saudi Arabia; Abu Dhabi International Airport and Capital Gate Tower in Abu Dhabi; Hamad International Airport and Qatar National Museum in Qatar as well as the Singapore Indoor Stadium and Republic Plaza in Singapore.
Eversendai is optimistic and has stepped up efforts to strengthen its foothold in its current and new markets by securing more projects. The Group have continuously implement cost control measures and improving efficiency to enhance margins, profitability and cash flow going forward. Furthermore, the Group has successfully ventured into Thailand and has future plans in exploring and expanding the business. In relation to this, the Group is pleased to note that our projects in the Middle East, India and South East Asia have been progressing as scheduled, hence increasing the Group’s revenue and profit.
As at 30 June 2016, Eversendai records a strong outstanding order book of RM2.4 billion. This provides the Group with solid earnings visibility in the next two years. In the first 8 months of 2016, the Group secured RM1.53 billion worth of projects with RM649.2 million in the Middle East, RM373.5 million in India and RM504.0 million in both Malaysia and Thailand.
Operation profit for first half of the year is RM39.0 million as compared to RM24.8 million for the corresponding period last year. However, with the full impairment of our investment in securities of RM101.7 million and unrealised foreign exchange loss of RM9.0 million has resulted in the net loss of RM71.7 million.
The Group has been awarded contracts for the structural design, fabrication and erection of steel structures for one of the largest Metro stations in Doha; Blue Water – Dubai Eye and Tiara United Tower in Dubai; Lot 91 Kuala Lumpur City Centre in Malaysia; and Marathon Futurex II in Mumbai, DLF IT Park Phase III in Chennai as well as the Statue of Unity in Gujarat, India.
We continue to strengthen our position in the Middle East by securing contracts for a theme park in Abu Dhabi as well as a few other unique architectural landmark projects in the Middle East with the upcoming Dubai World Expo 2020 and FIFA World Cup Qatar 2022. These projects in the Middle East will complement and contribute to the UAE’s growing popularity as a tourism hub.
Tan Sri A K Nathan, Executive Chairman and Group Managing Director of Eversendai said, “With increased job opportunities, we are happy to have secured these contracts which prove that Eversendai remains a strong player in the industry. We have gone to great lengths to build a strong and experienced team to oversee our entire business operations which is an important factor in further enhancing Eversendai’s portfolio in sustaining an impressive growth well into the future.
Tan Sri A K Nathan continued, “Our strength lies in our resilient workforce whose skills, commitment and dedication serve the needs of our clients. An established management combined with experienced managers and engineers alongside our workforce of 15,000 with 7 fabrication factories in Dubai, Sharjah, Ras Al Khaimah, Qatar, Malaysia, India and Thailand, have made Eversendai a highly sought-after leading innovative global organisation. The successful and timely completion of our projects accompanied by our well-established reputation, innovation, creativity and aspiration to move to new frontiers have been the key drivers for achieving continuous growth through the years without compromising on established fundamental core values.
Tan Sri then concluded by saying, “We are optimistic that the Group will be able to achieve RM2 billion revenue by 2017. We remain committed to these values and believe these stamp our firm intent to dominate the various industries which we are involved in and also mark the next phase in our development to be amongst the undisputed global market leaders. This progress, however, represents only a checkpoint for Eversendai to improve shareholder returns. We remain committed to our core values of compliance to safety, conformance to quality, adherence to schedule and ensuring consistent client satisfaction as we look forward to a fruitful year in 2016 and beyond.